To sell or rent my AZ home? - Please share your opinion

[Jeff Kathwell]

Hello,

I am really torn on what I should do and hoping to get some input from others regarding my specific situation on if I should sell or rent my 1,845 sqft home in Peoria AZ (85382). Here are the main details I believe you'd need:

- Purchased 1,845 sqft home in 2012 for $180,500
- Total monthly mortgage payment: $988, have about $90,000 left on my loan
- Rents available in neighborhood with similar sqft: $1800-$2200
- Sale Comps in neighborhood for same style home: $450,000-$500,000 

I am currently looking to purchase a new home and would not need to use any of the equity in my current home for the down payment. I have had some experienced real estate pro's tell me that I should sell the home because it would take a long time renting the house to make this amount of profit if I were to sell, and I would not need to pay any capital gains. Then others have said to rent because the home is in a great area and being a landlord is a great way to build wealth. 

I hope I provided enough details to get some input, I really appreciate it. It's a big decision.

[Jaron Walling]

@Jeff Kathwell How much experience do you have? What type of investor do you want to be? 

Obviously you're in a great position and lucky to own property in 2021. Selling the property is the easiest route to take. The big thing you're missing here is actually running the numbers. Without an ROI or COC estimate the decision to sell or not becomes emotional. You need to get out of that mindset if want to continue investing and holding rental properties. If you're happy with the cash-flow (looks good from a quick glance) HOLD it. If not and the property has foreseeable maintenance SELL.